Frost & Sullivan: OTP Vendors to Offer Versatile, Authentication Options to Keep Pace with Application Evolution

Frost & Sullivan: OTP Vendors to OfferFrost & Sullivan: OTP Vendors to Offer Versatile, Authentication Options to Keep Pace with Application Evolution PR Newswire LONDON, Dec. 16, 2013 - Regulations continue to be a major driver for the implementation of OTP technology The growing sophistication of online threats are encouraging service providers to integrate mobile one-time password (OTP), OTP tokens, and USB tokens to plug the security gaps in static passwords. Security vendors realise that the time is ripe to expand their product portfolios beyond traditional hardware OTP solutions, especially since new OTP vendors are offering risk-based analysis and out-of-band 2-factor authentication. New Frost & Sullivan's Analysis of the Global One-time Password Market (http://www.smartcards.frost.com), finds that the market earned revenues of $824.7 million in 2012 and estimates this to reach $1.18 billion by 2017, at a compound annual growth rate (CAGR) of 7.5 percent. The study covers application sectors of security, physical access, logical access, digital signature and mobile payment. "By expanding their portfolios to include hardware, software mobile, desktop, USB, transaction signing, and out-of-band authenticators, vendors allow IT administrators to assign a certain authentication product to unique employee types," said Frost & Sullivan Global Programme Director, ICT, Jean-Noel Georges.